The Financial Accounting Standards Board (FASB) has issued an Invitation to Comment (ITC) to solicit feedback about the financial reporting issues it should consider adding to its agenda.
The Board has identified major areas of financial reporting in need of improvement:
- Statement of cash flows
- Pensions and other post-retirement benefit plans
- Distinguishing liabilities from equity
- Intangible assets
The FASB is requesting feedback about the following:
- Are the financial reporting issues described in the Invitation to Comment areas for which there is potential for significant improvement?
- What is the priority of addressing each issue?
- What approach should the FASB take to address each issue?
- Are there other major areas of financial reporting not described in the Invitation to Comment that the FASB should consider adding to its agenda?